Prime Minister Dr. Keith Rowley has confirmed that the Central bank of Trinidad Tobago has to date disbursed 5.4 Billion dollars to banks and financial institutions since the start of the government’s demonetisation process which started in December 2019.
The Prime Minister was responding to questions posed by Dr. Bhoe Tewarie in the House of Representatives. The Prime Minister also indicated that the CBTT would have ordered the requisite quantum of new polymer notes to full replace the amount of cotton notes estimated in the system. In December 2019, Finance Minister Colm Imbert indicated that the estimated circulation of 100 dollar cotton notes to be concerted to polymer notes was in the vicinity of eight Billion dollars.
The demonization process was initiated according to the government to be able to deal with several accountability issues in the financial system, in addition to undisclosed issues related to national security in the country.